Newport increases sales 18 per cent in second quarter
7 August 2012Tweet
Newport’s sales and orders increased 18 per cent and 3 per cent respectively during the second quarter, compared with the same period in 2011.
The company’s operating income for the second quarter was $11.3 million, and it ended the period with $57.4 million in cash, cash equivalents and marketable securities. This is an increase of $6.1 million compared with the first quarter of 2012. In the first six months of 2012, Newport has also been able to reduce its total indebtedness by $32.6 million.
Commenting on the results, Robert Phillippy, Newport's president and chief executive officer, said: ‘We had a very productive quarter in securing new business and launching new products, with several design wins with OEM customers and our introduction of the industry's first production ready, high-precision 450mm wafer handling solution for next generation semiconductor manufacturing.’
Market demand in the third quarter is expected to be similar to the second quarter’s level. As a result, the company now expects its sales in the third quarter to be similar to the amount recorded in the second quarter. As a result of the profit improvement actions in process, the company expects its third quarter 2012 operating income and earnings per diluted share to be slightly higher.